Profits fall by 10 per cent at engineering firm
Profits at global engineering firm Renishaw fell by 10 per cent to £111.8m over the last nine months.
The advance manufacturer, which has its headquarters in Gloucestershire, said in a trading statement that revenues were up six per cent to £522m.
The company said revenue in its manufacturing technologies business for the first nine months was £496.7m, compared with £467.4m last year.
Strong systems sales have contributed to growth in the industrial metrology and additive manufacturing business.
The company, which has its headquarters in Wotton-under-Edge, is one of the county’s largest employers and recently celebrated its 50th anniversary.
A company statement said “As previously reported, we have invested in increased customer facing activities this year and operating cost increases also reflect pay reviews undertaken in the last two years.
“The group balance sheet remains strong with cash and cash equivalents and bank deposits amounting to £227.8m.
“We expect current market conditions to continue during the remainder of this financial year. We continue to invest in innovative new products and manufacturing capacity to support our growth objectives, whilst managing costs carefully and focusing on productivity.”
Renishaw said it anticipates that revenue for the full year will be between £680m and £700m, and adjusted profit before tax will be between £135m and £150m.
